Victoria Oil & Gas, an AIM-quoted oil and gas exploration company, said Wednesday successful in gaining a judgement in default in the High Court of Justice in London against Olga Elefteriadi for breach of warranties under the sale and purchase agreement signed between her and the Company.
Damages for the breach will be established in due course and the Company expects the amount to be at least GBP8.5 million, the consideration paid for the Asset.
The claim was brought against its Kazakh subsidiary Victoria Energy Central Asia, the holder of the Kemerkol licence in Kazakhstan. The Company maintains that the claim has no merit.
Victoria Oil & Gas has also been granted an injunction by the Court of the Queen's Bench in Alberta, Canada against Elefteriadi, Saga Creek Gold Company, the previous licensee of Kemerkol and its parent company, Alhambra Resources, listed on the Toronto Venture and Frankfurt Stock Exchanges.
This injunction prohibits the sale or transfer of the Asset to any third party until further notice.
This injunction was obtained following the Company receiving confirmation that Saga Creek had applied to the Kazakh Ministry of Energy and Mineral Resources for permission to sell the Asset to a third party.
The Company is continuing to prepare its appeal to the Supreme Court of the Republic of Kazakhstan and further information will be given in due course.